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Leading financial institution with the largest branch networks, Access Bank on Sunday said it will refund its stamp duty deductions made from the account of its customers after a social media outcry on Saturday.
Business Hilights recalls that stamp duty deductions apply to all credit received into current and savings accounts in respect to electronic transfer and teller deposits of N10, 000 and above. The money is remitted to the Central Bank of Nigeria (CBN).
The collection of the fee took effect in February but the bank delayed inadvertently its implementation until this week. Access Bank said in an email it sent to customers on June 23 that it “will be required to process the accumulated charges” incurred between February 1, 2020 and April 30, 2020.
But many customers said they did not see the bank’s message and huge social media backlash ensued when Access Bank began making the deductions incurred since February.
Some customers said the deductions, even if legal, were outrageous and beyond what was necessary, with #AccessBankScam trending at number one spot in Nigeria as at the time of writing this report.
“We have have heard our customers’ feedback that this charge is unwelcome, especially at this time against a challenging economic drop,” the bank said in a statement.
“We have considered your feedback and have decided to pay the stamp duty on our customers’ behalf for the affected period only.
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